The Economides, hailed as "America's Cheapest Family" in another of their books, want to help other families learn to manage their money, and pass that information on to their children. They say their book is for those parents who "define successful children as those who want to be independent and self-sufficient adults, able to stand on their own two feet and look back at their parents with a smile of gratitude for helping them to be autonomous."
Sounds pretty good, right? They go on to detail their system to teach children financial responsibility.
One of their arguments-and it's a great one-is that "most of life's lessons have an escalating scale of cost". So the earlier you and yours can learn to handle money well, the better.
It was an interesting read, though their system is so complicated I doubt I could ever stick to it.
That said, it inspired me to develop a system based on my family/children's needs.
FTC: I received a free copy of this book in exchange for an honest review
I'd never heard of the MoneySmart system before reading this book. In fact, other than teaching our kids to save some money and donate a bit to charity, I hadn't considered how to prepare them for the adult world of money.
This book provides an excellent foundation for considering these things deeply and practically.
My family is not going to follow this system precisely. It's far too rigid and prescriptive.
But it has given me plenty of ideas for how to help my children prepare for a lifetime of financial health without breaking the bank.
If you don't mind picking and choosing elements from a very strict program, then I recommend giving this book a try!
Disclaimer: I received a free copy of this book from the publisher in exchange for my unbiased review.
After starting Dave Ramsey's "Financial Peace" class back in August, my husband and I kind of got on a huge saving money kick. Of course, that is not a bad thing at all, and over the last two months, we have been doing very well budgeting, saving more money, and getting rid of our debt.
Since we were on that saving kick, I started requesting books to review that were about finances - which led me to The MoneySmart Family System.
Overall, this book gave some good suggestions when it comes to teaching your kids how to handle money. This is the third book I have read on the subject, and I don't think it really had too much more to say on the subject than the other books did. However, the point system that this family uses is unique and may be just the thing for your family.
Although it sometimes read like a commercial (Buy our stuff! Buy our stuff! (at our website)), there are still tons of tips in this book on how to save our money and how to teach kids to be responsible with their money. I liked the examples of the age-appropriate chores and the suggested amount of money for each. Handling money well takes discipline, and this message comes through loud and clear in The MoneySmart Family System.
In this book, Steve and Annette Economides (is that really their last name?!) present some interesting views and ideas on teaching your kids about how to become financially independent, starting at any age.
We probably won't put this entire system into place for our family, but there are still many things that we will be taking from the book.
That's why I was excited to have the opportunity to review The MoneySmart Family System: Teach Financial Independence to Children of Every Age by Steve and Annette Economides.
From the publisher_
The MoneySmart Family System will show you how to teach your children to manage money and have a good attitude while they're learning to earn, budget, and spend wisely.
Learn how to:
Get the kids out the door for school with less stress.
End the battle over clothingÃ¢â¬âforever
Teach your children to be grateful and generous.
Inspire your kids to help with chores as a member of a winning team.
Prepare your kids for their first paying job.
Help your kids pay for their own auto insurance, and even pay cash for their own cars.
Employ strategies for debt-free college educations.
Truly help your adult children when they want to move back home.
Be prepared to deal with your adult children when they ask for bailouts.
With clear steps for children of every age, The MoneySmart Family System proves that it's never too early, too late, or too hard to start learning financial responsibility.
I learned so much from this book. Not only did each chapter break down each topic, but it gave you multiple ideas and solutions.
This book is a wonderful guide that will help you get a better handle on your family's finances. It also teaches you how to raise children who are financially smart and responsible.
The hubs and I will definitely be putting some of these strategies in to practice!
Disclosure of Material Connection: I received this book free from the publisher through the BookSneezeÃÂ®.com book review bloggers program. I was not required to write a positive review. The opinions I have expressed are my own. I am disclosing this in accordance with the Federal Trade Commission's 16 CFR, Part 255: "Guides Concerning the Use of Endorsements and Testimonials in Advertising."
This book teaches parents how to handle their finances, while giving them the skills and knowledge to teach their children money management. Lots of great tips, practical applications and success stories. Application of principles is broken down by age group so kids can be taught on their age level.